Key Takeaways

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Accountants' business insurance costs range from $20 to $146 monthly, with professional liability coverage representing the highest expense.

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Your accountants' insurance premiums depend on location, claims history, property types serviced and employee count.

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Shop multiple insurers, bundle policies, increase deductibles and pay annually to find affordable accountants' business insurance costs.

Average Accountants' Business Insurance Cost Overall

Business insurance costs for accountants vary significantly by coverage type. MoneyGeek's analysis shows monthly premiums range from $20 for workers' compensation to $146 for professional liability coverage.

BOP$32
General Liability$22
Professional Liability (E&O)$146
Workers Comp$20

How did we determine these rates?

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Accountants' Business Insurance Cost for General Liability Coverage by State

Your accountants' business insurance cost for general liability coverage depends on where you operate. North Carolina offers the most savings at $19 monthly (versus the $22 national average), helping you make informed business decisions.

How did we determine these rates?

Accountants' Business Insurance Cost for Workers’ Compensation Coverage by State

Your accountants' business insurance cost for workers' compensation varies by state. Maine offers the lowest rates at $18 monthly and New York the highest at $24 monthly. Our analysis reveals how state regulations and claim histories create these differences.

How did we determine these rates?

Accountants' Business Insurance Cost for Professional Liability Coverage by State

Similar to other insurance types, your cost for professional liability varies by state. The national average is $146 monthly, with North Dakota offering the lowest rates at $125 monthly and E&O insurance in Washington costing $169 monthly.

How did we determine these rates?

Accountants' Business Insurance Cost for BOP Coverage by State

Business owner's policy rates show variation in accountants’ business insurance costs nationwide. Monthly premiums range from $27 in Maine to $38 in Pennsylvania.

Alabama$31
Alaska$29
Arizona$31
Arkansas$31
California$36
Colorado$32
Connecticut$36
Delaware$35
Florida$36
Georgia$33
Hawaii$35
Idaho$31
Illinois$36
Indiana$32
Iowa$31
Kansas$31
Kentucky$30
Louisiana$38
Maine$27
Maryland$31
Massachusetts$34
Michigan$30
Minnesota$30
Mississippi$32
Missouri$32
Montana$33
Nebraska$30
Nevada$37
New Hampshire$32
New Jersey$36
New Mexico$33
New York$37
North Carolina$28
North Dakota$29
Ohio$30
Oklahoma$31
Oregon$31
Pennsylvania$38
Rhode Island$36
South Carolina$34
South Dakota$30
Tennessee$31
Texas$33
Utah$31
Vermont$31
Virginia$30
Washington$37
West Virginia$34
Wisconsin$31
Wyoming$30

How did we determine these rates?

Factors Affecting Accountants' Business Insurance Cost

Insurance costs for your accounting business depend on several factors that insurers review to set premiums. Understanding these elements helps with budget planning. Let's examine what affects your rates.

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    Geographic location

    Your business location affects workers' compensation rates due to local regulations and claim frequencies. Regional differences in lawsuit trends and professional liability risks create premium variations between states.

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    Safety record and claims history

    Previous claims impact future premiums, sometimes for three to five years. A single professional liability claim can substantially increase your general liability rates at renewal.

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    Employee Count and Payroll

    Insurers calculate workers' comp premiums based on your total payroll and job classifications. Adding employees increases your payroll costs, directly impacting your workers' compensation premiums since insurers calculate your rates per dollar of wages paid.

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    Business Size and Revenue

    Higher annual revenue means higher premiums since insurers view larger operations as having greater exposure to claims. For example, a solo accountant earning $100,000 annually pays less than an accounting firm with $1 million in revenue.

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    Coverage limits

    Higher coverage limits provide better protection but cost more monthly. Choosing between different coverage amounts directly affects your premium, with higher limits increasing costs proportionally.

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    Credit score and financial stability

    In most states, insurers can consider your business credit score when setting rates. A strong credit score can reduce premiums, while poor credit often increases costs substantially.

How to Get Cheap Accountants' Business Insurance

Smart shopping and risk management strategies can help accountants secure more affordable business insurance coverage, and the proven tips below offer both immediate and long-term ways to reduce your premiums.

  1. 1

    Choose the right coverage types for your business

    Understanding what types of business insurance your accounting firm needs prevents overpaying for unnecessary coverage. Professional liability insurance protects against errors in financial advice or tax preparation. General liability covers office visitors, while cyber liability safeguards against data breaches of client financial information.

  2. 2

    Shop multiple insurance companies

    Insurance rates for accounting firms can vary significantly between providers. Request quotes from at least three insurers to find the best rates. Consider working with an independent agent who specializes in professional services coverage to access multiple carriers.

  3. 3

    Bundle your coverage types

    Most insurers offer substantial discounts when you bundle multiple policies. Combining professional liability, general liability, and business property insurance with one carrier typically costs less than separate policies from different providers.

  4. 4

    Increase your deductibles

    Choosing higher deductibles reduces your monthly premiums. Consider your firm's financial stability when selecting deductible amounts, ensuring you can comfortably cover them if needed.

  5. 5

    Pay annually instead of monthly

    Insurance companies often add processing fees for monthly payments. Paying your premium annually eliminates these fees and may qualify you for additional discounts.

  6. 6

    Review and adjust your coverage annually

    Reassess your insurance needs as your accounting practice grows. Update coverage limits based on client volume, staff size, and service offerings. Remove unnecessary coverage and adjust limits to match your current business operations.

Insurance for Accountants' Business Cost: Bottom Line

Accountants business insurance costs range from $20 to $146 monthly, with your location, claims history and business size driving your actual premium. Getting quotes from multiple insurers, bundling your policies, choosing higher deductibles and paying annually instead of monthly helps you find more affordable rates.

Accountants' Business Insurance Cost: FAQ

Business owners often ask about accountants' company insurance costs, and we've gathered expert answers to the most common questions below.

What is the cheapest type of accountants' business insurance?

How much can I save by bundling my accountants' business insurance policies?

What factors make my accountants' business insurance more expensive?

Should I choose a $500 or $2,500 deductible for my accountants' business insurance?

How much does workers' compensation cost for accountants' businesses by state?

Is business owner's policy (BOP) worth the extra cost for accountants' companies?

How often should I shop around for accountants' business insurance quotes?

How We Determined Accountants' Business Insurance Costs

We collected accountants' business insurance quotes from companies across different states. To make sure we compared apples to apples, every quote used the same business setup:

  • Two employees (three people total, including the owner)
  • $150,000 annual payroll
  • $300,000 annual revenue
  • Already insured status
  • $1 million per occurrence and $2 million total per year for all coverage except BOP, which includes the same limits plus $5,000 business property coverage

This profile represents small accountants' businesses requiring comprehensive insurance coverage in most states. We chose companies offering broad national coverage and online quote capabilities, focusing on insurers that actively serve the accountants' industry.

About Mark Fitzpatrick


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Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.

Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!

Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.


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